Empowering the Female Economy: The Impact of Nigerian female Entrepreneurs on the Economy

In Nigeria, entrepreneurship has emerged as a powerful force driving the growth and empowerment of the female economy. Study shows that Small and Medium-sized Enterprises (SMEs) contribute to 48% of Nigeria’s GDP; women account for 41% of ownership of these businesses. Women entrepreneurs are not merely contributing to the growth of the economy, they are catalysts for change, reshaping industries, fostering innovation, and inspiring other women to follow suit.

Women-led startups and businesses are playing a pivotal role in enhancing economic independence for women in Nigeria. By venturing into diverse industries such as oil and gas, technology, agriculture, fashion, etc., female entrepreneurs are creating platforms that empower women to take charge and influence key economic pillars in our nation, Nigeria.

These women venturing into businesses contribute significantly to job creation and value addition for the economy. With this, more women are directly empowered. Here are some leading women who are inspiring change and contributing to the growth and development of the economy through innovation and entrepreneurship, creating game-changing, industry-defining enterprises.

Folorunsho Alakija
Vice-Chairman, FAMFA Oil Limited

Mrs. Folorunsho Alakija is a dynamic Nigerian businesswoman and philanthropist, playing a pivotal role in overseeing diverse business ventures. As the Vice Chairman of FAMFA Oil Limited, her family’s oil exploration and production business, she guides strategic planning and day-to-day administration. Additionally, she holds the position of Vice Chairman in Dayspring Property Development Company Limited, a global real estate company, and DigitalReality Print Ltd, a leading printing company. Beyond her business success, Mrs. Alakija has contributed to Nigeria through various committees and made history as the first female Chancellor of a public university in Africa. A renowned public speaker, prolific writer, and board member of the Commonwealth Business Forum, she has received numerous awards both locally and internationally.